Finance Minister Dr. Amin Adam has announced the government’s commitment to reducing inflation to 15% by the end of the year. Currently, inflation stands at 22% as of June 2024.
During a town hall meeting in Accra on Tuesday, August 6, 2024, Dr. Adam emphasized the administration’s efforts to manage inflation. He highlighted that in the past 17 to 18 months, the inflation rate has been cut from 54% to 22%. “We are determined to end this year with an inflation rate of 15%,” he said.
Dr. Adam also expressed confidence in further reducing inflation to a single digit if the current party remains in power after the December elections. “If this party continues in government next year, we are determined to bring inflation down to single-digit inflation next year,” he added.
He compared the current administration’s achievements to those of the previous NDC government, noting significant reductions in inflation rates during the Akufo-Addo-Bawumia administration. According to Dr. Adam, inflation was recorded at 9.4% in 2018 and 7.9% in 2019, marking two consecutive years of single-digit inflation—a historic achievement.
Dr. Adam recalled that in 2015, inflation was 17.7%, and it fell to 15.4% in 2016. By 2017, inflation had decreased to 11.7%, and further reduced to 9.4% in 2018 and 7.9% in 2019. “Two consecutive years, the longest period a government has recorded a single-digit inflation. We have had single-digit inflation in the past, but for two consecutive years, 24 months of single-digit inflation was historic,” he noted.
He attributed the recent rise in inflation to global factors, including the impact of the Russian-Ukraine war, which contributed to a spike in inflation to 54% in 2022.
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